Venezuela's PDVSA oil revenue tumbles amid lower prices, production

Venezuelan state oil company PDVSA’s revenue from oil and fuel sales in 2016 dropped 34 percent from the previous year to $48.0 billion, the company said in its annual financial results published Friday night, hurt by lower production and oil prices. Economists tend to focus on PDVSA’s PDVSA.UL revenue because of its multibillion-dollar contributions to anti-poverty campaigns, which make profit figures less relevant in assessing performance than for private firms. The OPEC nation, led by unpopular leftist President Nicolas Maduro, has the world’s largest crude reserves, at around 300 billion barrels.

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